Bank Nifty 04 May 2023 Weekly Expiry Analysis

By | May 3, 2023 8:48 pm

As discussed in Last Analysis  Bank Nifty has made bottom on 16 March at 38613 and High made today was 43484 Bank Nifty has rallied 4870 points in 47 calendar days. VIX has seen rise of 10% today, We have 2 Important Aspect Forming tommrow

  1. Jupiter 51 Saturn — Impact Long term cycle
  2. Venus Semi Square Mercury– Useful for Short term trend change

We have discussed Importance of Both Aspects with Bank Nifty forming NR7 pattern pre FOMC suggesting we can see big volatile move in next 2 trading sessions.  For Bears to become active price need to close below 43038 on 15 mins time frame for a move towards 42679 which is Semi Annual Pivot.

Bank Nifty after 18 Days closed below the previous Day Low potentially forming evening star pattern and today being an important astro date. We will see FOMC decision Today FOr any reversal to take place bears need a close below 43038.

An evening star is a stock-price chart pattern used by technical analysts to detect when a trend is about to reverse. It is a bearish candlestick pattern consisting of three candles: a large white candlestick, a small-bodied candle, and a red candle.






For Swing Traders Break of 43483 can see a rise towards 43591,43698,43805,43912. Bears will get active below 43250 for a move towards 43162,43054,42947,42840.


Traders may watch out for potential intraday reversals at 9:40,10:11,11:47,12:54,2:34 How to Find and Trade Intraday Reversal Times

Bank Nifty May Futures Open Interest Volume stood at 23.1 lakh, addition of 0.05 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of Long positions today.

Bank Nifty Rollover Cost is @42773 and Rollover is at 75.8 %

Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Bank Nifty may follow a path of 40789-41967-43216 . This means that traders can take a position and potentially ride the move as Bank Nifty moves through these levels. Of course, it’s important to keep in mind that trading is inherently risky and market movements can be unpredictable. Price is coming near 43216

According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 43500 strike, followed by the 43800 strike. On the put side, the 43000 strike has the highest OI, followed by the 42500 strike. This indicates that market participants anticipate Bank Nifty to stay within the 43000-43500 range.

The Bank Nifty options chain shows that the maximum pain point is at 43200 and the put-call ratio (PCR) is at 0.97. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound. PCR is on extreme end suggesting we can see sharp reversal .

Perfectionism leads to failure in trading. You must strive for excellence over a sustained period, as opposed to judging each buy or sell signal as perfect. The great traders make losing trades, but they are able to keep the impact of those losses small.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 42895. Going Long Or Short Above Or Below This Level Can Help Them Stay On The Same Side As Institutions, With A Higher Risk-reward Ratio. Intraday Traders Can Keep An Eye On 43235 , Which Acts As An Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 43360 Tgt 43467, 43582 and 43682 (Nifty Spot Levels)

Sell Below 43250 Tgt 42154, 43038 and 42848 (Nifty Spot Levels)

Upper End of Expiry : 43580

Lower End of Expiry : 43043

Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.

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